The dealer-trader distinction and Treasury market regulation

If it walks like a dealer and talks like a dealer… apparently, it’s not always a dealer.
Sometimes it’s an unregulated trader.
Bear with us here.
First, some background.
On Monday, there was a Treasury market-structure conference at the New York Fed,…

If it walks like a dealer and talks like a dealer... apparently, it's not always a dealer.

Sometimes it's an unregulated trader.

Bear with us here.

First, some background.

On Monday, there was a Treasury market-structure conference at the New York Fed, where regulators said in no uncertain terms that the no-oversight party is over. They've put rules in place requiring transaction reporting for banks, as well as broker-dealers registered with the Financial Industry Regulatory Authority. But there's more work to be done, which we'll get to shortly.

Continue reading: The dealer-trader distinction and Treasury market regulation

Sorry, but the FX market can simply be gappy too

Remember the flash crash?

Well, it (as opposed to the overall Brexit-inspired fall in GBP) was very probably also a market structure thing.Continue reading: Sorry, but the FX market can simply be gappy too

Remember the flash crash?

Screen Shot 2016-10-09 at 10.35.18

Well, it (as opposed to the overall Brexit-inspired fall in GBP) was very probably also a market structure thing.

Continue reading: Sorry, but the FX market can simply be gappy too

Guest post: Small-cap trading revamp is no more than a costly distraction

The US equity market is about to start a two-year programme testing changes for small-cap equity trading. This guest post from Richard Johnson, a market-structure and technology strategist with Greenwich Associates, argues that the costs of the program…

The US equity market is about to start a two-year programme testing changes for small-cap equity trading. This guest post from Richard Johnson, a market-structure and technology strategist with Greenwich Associates, argues that the costs of the programme may outweigh the benefits.

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Continue reading: Guest post: Small-cap trading revamp is no more than a costly distraction